Dana Gas reported a 47% increase in first-half net profit to Dh393 million, helped by higher hydrocarbon prices, increased production in Egypt and stronger gas sales from its Pearl Petroleum operations.
The UAE-based energy company said net profit rose from Dh270 million during the same period last year. The latest figure included a one-off Dh176 million gas metering reconciliation recorded in the first quarter. Excluding that adjustment, net profit stood at Dh217 million.
Revenue for the six months to June 30 increased 51% to Dh946 million, compared with Dh627 million a year earlier. Without the one-off reconciliation, revenue rose by about 23%, or Dh143 million, mainly because of improved realised hydrocarbon prices, higher Egyptian production and increased gas sales from Pearl Petroleum.
Second-quarter net profit increased 10% to Dh123 million, compared with Dh112 million in the same quarter last year.
Egypt production rises 7%
Dana Gas said production in Egypt increased for a second consecutive quarter as investment and drilling activity continued.
The company drilled three new wells and re-completed another during the first six months of the year. One of the new wells identified an estimated 10 billion cubic feet of gas resources, compared with an initial estimate of 3 billion cubic feet.
The discovery could support an additional 12 billion cubic feet of future resources across the licence area once developed. Dana Gas plans to drill another four wells before the end of 2026.
Egyptian production averaged 13,300 barrels of oil equivalent per day, up 7% from 12,450 boepd a year earlier.
Group production was broadly unchanged at 52,900 boepd, compared with 52,750 boepd in the first half of 2025. Increased output in Egypt offset interruptions to operations in the Kurdistan Region of Iraq.
Chief Executive Richard Hall said the results demonstrated the resilience of the business despite regional disruption affecting the use of expanded processing capacity in the Kurdistan Region.
Khor Mor expands Iraq gas supplies
The Khor Mor field began the year producing more than 700 million standard cubic feet of gas per day, contributing to group production of about 70,000 boepd at the start of the year.
Operations were later disrupted, resulting in intermittent suspensions and limiting the use of the KM250 expansion during parts of the period.
After the reporting period, Khor Mor began supplying gas to Iraq’s Ministry of Electricity. Under an initial one-year agreement, 100 million standard cubic feet per day will be delivered to the Kirkuk Taza power station.
Dana Gas said the additional production capacity could support broader gas sales in Iraq and help increase electricity generation.
The company’s consolidated cash balance reached Dh843 million at the end of June, up from Dh638 million a year earlier. Total collections stood at Dh616 million, including Dh381 million from the Kurdistan Region and Dh235 million from Egypt.
Dana Gas also completed payment of its 2025 dividend of 6.5 fils per share, distributing Dh455 million to shareholders.
